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1、外文翻译Thefinancingstructureofnon-listedfirmsMaterialSource:googleAuthor:SuzanHolandNicoVanDerWijstINTRODUCTIONOnlyaverysmallminorityofEuropeanfirmsislistedonastockexchange.InNorway,forexample,some200-250(231onJuly6th,2006)ofthemorethan100,000limitedliabilityfirmsarequotedonOsloStockExchange.Insp
2、iteoftheiroverwhelmingnumericalmajority,unlistedfirmsreceivelittleattentioninempiricalstudiesoffinancialstructure.Sincepublicationrequirementsforunlistedfirmsusuallyareminimalorabsent,thenon-availabilityofdatacanpartlyexplainthislackofattention.InNorway,however,alllimitedliabilityfirmsarerequire
3、dbylawtodeposittheirannualfinancialstatementsinacentralregister,whichisopentoresearchers.Giventhediversitywithinthebusinesscommunityandthevarietyofcapitalstructuretheories,analyzingthewayfirmsarefinancedcanclearlybenefitfromusingalargedatabasecoveringtheentirepopulation.Usingthisuniquedatabase,t
4、hispaperstudiesthefinancialstructureofnon-listedfirms.Thiscanbeanimportantadditiontotheliterature,sincetheempiricalevidenceonthedeterminantsoffinancingdecisionspredominantlyreferstothesingle,albeitlarge,environmentofAmericanlistedfirms.Testingtheempiricalimplicationsofcapitalstructuretheoriesonu
5、nlistedfirmsthatoperateinadifferentfinancialenvironmentcontributestotheempiricalevidenceandmaybroadeninsightintothecapitalstructurechoice.FewstudiesofthecapitalstructureofEuropeancompanieshavebeenpublished(e.g.CarlsenandNilsen,1993;Demirgüç-KuntandMaksimovic,1999;Ozkan,2002)andevenfewerofnon-
6、listedcompanies(e.g.ScherrandHul-burt,2001).Thescarcityofempiricalevidencefornon-listedfirmsisthemotivationforthispaper.Morespecifically,theobjectiveofthispaperistosupplementtheexistingliteraturewithananalysisofthefactorsdeterminingthefinancialstructureofnon-listedfirmsinNorway.Thisisdonebyempir
7、icallytestingtheoriesofcapitalstructureanddebtmaturityusingpaneldatafornon-financialfirms.AdatasetthatincludesallunlistedfirmsinNorwayfor1995-2000isused.ScherrandHulburt(2001)whoalsoanalyzedunlistedfirmsusedamuchsmallerselectionfor1987and1993intheUnite
